Tuesday, January 13, 2009
Satyam chairman Raju and his brother are arrested, board scrapped
Police arrested the head of Satyam Computer Services on January 9 on charges of cheating and forgery and the government dissolved its board in moves to limit the fallout from India's biggest corporate scandal in memory.
Chairman Ramalinga Raju, who resigned on January 7 after revealing years of accounting fraud which analysts said cast doubt over the future of the outsourcing company, was also expected to appear before the market regulator on January 10.
Satyam shares slumped to 11.50 rupees (U.S.$0.23), their lowest since March 1998 and far below a 2008 high of 544 rupees (US $11.19), before ending down 40 percent at 23.85 rupees (US$0.49) ahead of the board's dissolution.
The company's market value has shrivelled to $330 million, from more than $7 billion just six months ago.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Chairman Ramalinga Raju, who resigned on January 7 after revealing years of accounting fraud which analysts said cast doubt over the future of the outsourcing company, was also expected to appear before the market regulator on January 10.
Satyam shares slumped to 11.50 rupees (U.S.$0.23), their lowest since March 1998 and far below a 2008 high of 544 rupees (US $11.19), before ending down 40 percent at 23.85 rupees (US$0.49) ahead of the board's dissolution.
The company's market value has shrivelled to $330 million, from more than $7 billion just six months ago.
To read the full article, click here..
To read the ePaper, visit: http://www.newsindia-times.com
Labels: ad of Satyam Computer Services, Andhra Pradesh police, Chairman Ramalinga Raju, charges of cheating, India's biggest corporate scandal, Indian Government, Satyam shares, Satyam's management
Subscribe to Posts [Atom]
